Nowhera Shaik, the key figure in the Heera Group investment fraud case involving thousands of investors and crores of rupees, has been arrested by the Enforcement Directorate in Gurugram.
Key Points
- Nowhera Shaik, the main accused in the Heera Group investment fraud, has been arrested by the Enforcement Directorate.
- Shaik was apprehended from an Airbnb property in Gurugram, where she was living under a false identity.
- The Heera Group allegedly collected over Rs 5,978 crore from investors, promising returns exceeding 36 per cent per annum.
- More than 1.72 lakh investors were allegedly duped of Rs 3,000 crore by the Heera Group.
- The ED has attached assets worth Rs 428 crore and is auctioning properties to return funds to the victims.
The Enforcement Directorate (ED) on Friday said it has arrested Nowhera Shaik, the prime accused in the Heera Group-linked alleged investment fraud in Hyderabad, from an Airbnb property in Gurugram.
Shaik was arrested on Thursday during a joint operation conducted by the ED and the Haryana Police at the facility in Sector 45, Gurugram.
Details of Nowhera Shaik's Arrest
The ED said in a statement that she was living in Gurugram under a "fake" identity, using "forged" documents (Aadhaar) in the name of Shaik Khamar Jahan. She was apprehended from a Airbnb property along with an associate, Sameer Khan, it added.
The agency said Shaik was taken to Hyderabad on Friday and produced before a special PMLA court that sent her to judicial custody.
Heera Group's Alleged Investment Fraud
Shaik, the Heera Group of Companies and others allegedly collected more than Rs 5,978 crore from the public, promising returns exceeding 36 per cent per annum. However, they failed to return even the principal amount, thereby duping more than 1.72 lakh gullible investors of Rs 3,000 crore, the ED said.
The agency said Shaik was "evading" investigation and arrest in the case since the Supreme Court recently cancelled her bail after taking "serious note of her conduct during which she misled" the apex court.
Legal Proceedings and Asset Recovery
A special court in Hyderabad dealing with cases lodged under the Prevention of Money Laundering Act (PMLA) issued a non-bailable warrant against her on May 7 but she was not traceable at her Hyderabad and Bengaluru addresses, the ED said.
An intelligence input indicated she was in Gurugram, it added.
The federal agency had attached assets worth Rs 428 crore in the case and obtained a green signal from the Supreme Court to auction the properties so that the funds derived from those can be restituted to the victims in accordance with a PMLA provision.
Some of the properties were successfully auctioned, fetching about Rs 122 crore, according to the ED.
However, Shaik failed to cooperate in the execution of sale deeds in favour of successful bidders and made repeated attempts to obstruct the auction proceedings, the agency alleged.
